McKillen v Maybourne Finance Ltd & Anor [2012] EWCA Civ 864 (27 June 2012)

McKillen v Maybourne Finance Ltd & Anor [2012] EWCA Civ 864 (27 June 2012)

Clause 40.3(b) of the Facilities Agreement disapplies the restrictions in clauses 24.2 and 24.3 for transfers by NAMA, and section 139 of the National Asset Management Agency Act 2009 would override such contractual restrictions in any event. Therefore, the transfer of the Facilities and Knightsbridge Acquisition...

Source-derived case information.

Citation
[2012] EWCA Civ 864
Parties
Claimant/respondent: Patrick McKillen; Defendant/appellant: Maybourne Finance Limited; Defendant/appellant: National Asset Loan Management Limited
Jurisdiction
England and Wales
Judgment Date
27 June 2012
Procedural Posture
Appeal / Court of Appeal Judgment on Preliminary Issue
Outcome
Appeal allowed
Legal Topics
Interpretation of Contractual Transfer Restrictions, Statutory Powers of Asset Management Agencies, Assignment and Novation of Loan Facilities, Interaction of Statutory and Contractual Provisions
Contract Law Banking Law Company Law Interpretation of Contractual Transfer Restrictions Statutory Powers of Asset Management Agencies Assignment and Novation of Loan Facilities Interaction of Statutory and Contractual Provisions

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Parties

Patrick McKillen

Claimant/respondent

Maybourne Finance Limited

Defendant/appellant

National Asset Loan Management Limited

Defendant/appellant

Procedural Posture

Appeal / Court of Appeal Judgment on Preliminary Issue

Legal Issues

  1. 1 Whether clause 40.3 of the Facilities Agreement disapplies transfer restrictions in clauses 24.2 and 24.3 for transfers by NAMA
  2. 2 Whether the statutory powers under the National Asset Management Agency Act 2009 override contractual transfer restrictions
  3. 3 Whether the transfer of the Facilities and Knightsbridge Acquisition Facility to Maybourne was effective without notice or consultation with Coroin

Ratio Decidendi

Clause 40.3(b) of the Facilities Agreement disapplies the restrictions in clauses 24.2 and 24.3 for transfers by NAMA, and section 139 of the National Asset Management Agency Act 2009 would override such contractual restrictions in any event. Therefore, the transfer of the Facilities and Knightsbridge Acquisition Facility to Maybourne was effective without the need for notice or consultation with Coroin.

Court Disposition

Appeal allowed

Orders

  • The appeal is allowed.